Description

Chile’s monetary history in the 20th century has aroused interest and been the subject of numerous studies. Nevertheless, the country’s main money issuer had not produced its own institutional history that could add to the body of knowledge and help to explain the monetary and exchange events that took place over several decades. This volume gives a reasonably detailed description of the circumstances leading to the creation of the Central Bank in 1925 and how it developed until 1964. Its aim is to enlarge upon the historical institutional background and thus contribute to understanding important decisions taken in the area of economic policy. To this end the internal information about the Bank and its Board of directors provides fresh material that will undoubtedly enrich future studies. The institution’s history is marked by a gradual almost uninterrupted loss of independence and the transformation from an issuing bank, subject to the automatic rules of the gold standard, to a bank with the discretionary functions of a development institution dependent upon the government of the moment. This work sheds light on undisclosed aspects of institutional history which contribute to a better understanding of Chile’s economic past.

Autor: Camilo Carrasco